The acquisition gives them a controlling stake in a low density residential development site with total gross floor area of about 327,000 square metres in the vicinity of Nanjing Daji Botanical Gardens.

Zhong Sheng Jian, Yanlord's chairman and CEO, said: "With a steady recovery in the Nanjing property market, prices for quality residential development land have begun to rise. This latest acquisition of Daji Development presents a strategic opportunity for Yanlord to augment our prime landbank within Nanjing which continues to be one of our core markets."

Yanlord noted that the site boasts its own natural hot spring which can be piped into each of the townhouse and villa units within the development. With a low density plot ratio of about 0.7 times, the site is ideal for the development of a gated estate, it added.

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Yanlord's capital outlay for the project will include a 156 million yuan capital injection into the project company, while the balance of approximately 1.1 billion yuan will be in the form of a profit guarantee which will be payable from future profits generated by the project.

Yanlord is a real estate developer based in China, with a focus on the development of high-end fully-fitted residential, commercial and integrated property projects in strategically selected key and high-growth cities there. The group has an established presence in 10 key high-growth cities within the five major economic regions of China.